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A three-month Treasury bill and a six-month bill both sell at a discount of 9%. a-1. Calculate the annual yield of the three-month Treasury bill.

A three-month Treasury bill and a six-month bill both sell at a discount of 9%.

a-1. Calculate the annual yield of the three-month Treasury bill. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

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